Wednesday, January 22, 2025
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North Carolina

Morehead Square
AcquisitionsNorth CarolinaOfficeSoutheast

CBRE Brokers $65.5M Sale of Office Building in Charlotte’s South End

by Julia Sanders

CHARLOTTE, N.C. — CBRE has arranged the sale of Morehead Square, a 133,107-square-foot office building in Charlotte’s South End submarket. Charlotte-based Spectrum Cos. and Invesco Real Estate purchased the property from Charlotte-based Ferncroft Capital for $65.5 million, according to the Charlotte Business Journal. Patrick Gildea, Matt Smith, Grayson Hawkins, Joe Franco, Kris Westmoreland and Emily Barth of CBRE represented the seller in the transaction. Built in 2000, Morehead Square is a six-story property that features a 412-space surface and deck parking lot. The property is currently 71 percent occupied to tenants such as Charter Communications, U.S. Export Assistance Center, Bank OZK, WSP Engineering and West End Advisors. The office building has recently undergone several renovations, including improvements to the lobby and modernization of the first, second and sixth floors. Located at 1001 Morehead Square Drive, the property is situated at the intersection of East Morehead Street and Morehead Square Drive. Morehead Square is adjacent to the Lynx Light Rail Carson Street Station and is close to the AC Marriott Hotel, Westin Hotel, Dowd YMCA, Morehead Tavern, Midnight Diner and Bank of America Stadium, home arena of the Carolina Panthers NFL team.

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Research Commons
AcquisitionsDevelopmentLife SciencesNorth CarolinaSoutheast

Oxford Acquires Research Triangle Park Life Sciences Campus for $158.6M, Plans 510,000 SF Expansion

by Julia Sanders

DURHAM, N.C. — New York-based Oxford Properties Group has acquired Research Commons, a life sciences campus within Research Triangle Park in Durham, as well as an adjacent parcel located at 78 TW Alexander Drive for a total of $158.6 million. By combining the two sites and building three new life sciences facilities totaling 510,000 square feet, Oxford plans to ultimately develop a 940,000-square-foot innovation campus that will house various life sciences firms. The construction timeline was not disclosed. Located at 79 TW Alexander Drive, Research Commons is a 430,000-square-foot, five-building campus with an additional 18 plus acres of developable land. The existing campus is well-leased to a diverse tenant roster across life sciences industries, and is anchored by Grifols, a Los Angeles-based global pharmaceutical manufacturer. At this site, Oxford plans to use the more than 18 acres of vacant land for the development of two dedicated life sciences buildings. Additionally, the firm plans to convert two existing buildings wholly to life sciences tenants as vacancies materialize. For 78 TW Alexander Drive, Oxford plans to build a 95,500-square-foot Current Good Manufacturing Practice (cGMP) facility to be developed on the 14.5-acre parcel of land adjacent to Research Commons.

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Lowes
AcquisitionsNorth CarolinaOfficeSoutheast

JLL Brokers $318M Sale of Lowe’s Global Technology Center in Charlotte’s South End

by Julia Sanders

CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Lowe’s Global Technology Center, a recently completed, 357,526-square-foot office tower in Charlotte’s South End submarket. Chris Lingerfelt, Ryan Clutter and Coleman Benedict of JLL represented the sellers, Childress Klein Properties Inc. and Ram Realty Advisors. An affiliate of Apollo Global Management purchased the property for $318 million, according to the Charlotte Business Journal. The Lowe’s Global Technology Center is a 23-story tower that was completed this fall with the full interior and tenant buildout slated for completion by 2022. The building features two sky terraces, an interior auditorium, steel staircase spanning multiple floors, touchless features throughout the property and a 950-space parking deck. Lowe’s Global Technology Center is fully leased to Lowe’s Cos. Inc., parent company of home improvement retail giant Lowe’s. After the tenant buildout is complete, the center will be home to nearly 2,000 employees and will serve as the company’s global technology and e-commerce hub. Located at 100 West Worthington Ave., the property is located 7.3 miles from Charlotte Douglas International Airport and 13.3 miles from the University of North Carolina at Charlotte.

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Country Club
AcquisitionsMultifamilyNorth CarolinaSoutheast

Cushman & Wakefield Arranges $75M Sale of Country Club Apartments in Charlotte

by Julia Sanders

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $75 million sale of Country Club, a 454-unit apartment community in Charlotte. Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, New York-based JEM Holdings, in the transaction. New Jersey-based Concordia Properties acquired the property. Built in 1969, the Country Club offers one-, two- and three-bedroom floorplans that range in size from 647 to 1,405 square feet. The units include in-unit washers and dryers, vinyl flooring and walk-in closets. Community amenities include two playgrounds, a common lounge area, laundry facilities, soccer field and a pool. The property was 97 percent occupied at the time of sale. Located at 2332 Dunlavin Way, Country Club is situated near the 78-acre mixed-use Eastland Mall redevelopment located close to the future Lynx Gold Line stop at Eastway Drive. The property is also situated 5.8 miles from downtown Charlotte and 13.4 miles from Charlotte Douglas International Airport.

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Vida
AcquisitionsMultifamilyNorth CarolinaSoutheast

Goldman Sachs, Lansing Melbourne Sell Metro Charlotte Apartment Community for $59M

by Julia Sanders

KANNAPOLIS, N.C. — Goldman Sachs and Lansing Melbourne Group have sold Vida Kannapolis, a 289-unit apartment community in Kannapolis, about 25.9 miles north of Charlotte. Red Bank, N.J.-based Denholtz Properties purchased the recently delivered property for $59 million, or approximately $204,152 per unit. Located at 210 S. Main St. in downtown Kannapolis, Vida Kannapolis is a five-story complex that offers studio, one-, two- and three-bedroom floorplans. Built in March 2021, the units feature stainless steel appliances, washers and dryers and walk-in closets. Community amenities include a fitness center, pool, indoor parking, game room, grill, pet play area, roof terrace, elevator and bicycle storage. The monthly rent ranges from $1,455 to $1,895, according to Apartments.com. Goldman Sachs partnered with the Fort Lauderdale-based development firm Lansing Melbourne Group and the City of Kannapolis to build the property. Jonathan Brody of Rosewood Realty Group represented the buyer, Denholtz Properties, and Jacob Vogel of Rosewood Realty Group represented the sellers in the transaction.

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Glen
DevelopmentMultifamilyNorth CarolinaSeniors HousingSoutheast

Acts Breaks Ground on $59M Expansion at Matthews Glen Seniors Housing Community in North Carolina

by Julia Sanders

MATTHEWS, N.C. — Acts Retirement-Life Communities has broken ground on a $59 million expansion at Matthews Glen, a 124-acre continuing care retirement community in Matthews. The project will add 72 independent living apartments and 16 villas to its campus. Construction is also underway to add additional assisted living residences. The first phase of the Matthews Glen expansion includes a $35 million WillowBrooke Court skilled care center addition that increased capacity to 90 private beds. The 93,000-square-foot building has three floors with six “neighborhoods,” each encompassing 15 private resident rooms with private bathrooms. The new construction is Phase II of the expansion and features 1,650- to 1,785-square-foot apartments along with 2,275- to 2,500-square-foot duplex-style villas, along with amenities such as tennis and pickleball courts. Acts is also adding 40 suites to its OakBridge Terrace assisted living residence, which will increase its capacity to 100 suites. Construction on the Phase II expansion is scheduled for completion in 2023.

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Centro at Davie
AcquisitionsFloridaMultifamilyNorth CarolinaSouth CarolinaSoutheast

Carroll, PGIM Complete Sale of $1.1B Multifamily Portfolio Across Southeast

by Julia Sanders

ATLANTA AND NEWARK, N.J. — Carroll, in partnership with Newark, N.J.-based PGIM Real Estate, has completed the sale of 12 multifamily communities for more than $1.1 billion in total. The 4,121-unit portfolio is located in Raleigh, Charleston and South Florida. The communities were sold in three separate joint venture transactions between institutional fund vehicles managed by PGIM Real Estate and Carroll. Jim Mehalso led the portfolio transaction internally for PGIM Real Estate, while Josh Champion led the transaction for Carroll. The buyer(s) were not disclosed. The portfolio includes six multifamily communities in Raleigh (Arium Southpoint, Arium Kildaire, Arium Weston, Arium Lake Lynn, Arium Lake Johnson and Arium Trailwood); three Charleston communities (Arium North Charleston, Arium St. Ives and Arium Mt. Pleasant); and three South Florida communities (Arium Boca Raton, Centro at Davie by Arium and Arium Boynton Beach). Purchased under Carroll’s workforce value-add strategy, the Carolinas properties provided workforce housing, while the South Florida portfolio extended Carroll’s suburban presence with assets in high-growth markets. Under its ownership, Carroll and PGIM Real Estate completed exterior and interior capital renovation projects on the properties totaling $22 million. At the time of sale, each of the communities were operating with strong occupancy. In …

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University Hill
LoansMixed-UseMultifamilyNorth CarolinaRetailSoutheast

Newmark Secures $65.5M Refinancing for University Hill Mixed-Use Property in Durham

by Julia Sanders

DURHAM, N.C. — Newmark has secured $65.5 million in refinancing for University Hill, a mixed-use property in Durham with multifamily, retail and art uses. Josh Davis, Chris Caison and C.J. Webb of Newmark’s Debt and Structured Finance team secured the bridge financing on behalf of the project’s developer, Shoff Allison with Hawthorne Residential Partners, and Drake Real Estate Partners. Pacific Life Insurance Co. provided the three-year loan, which included a floating interest rate and two, one-year extension options. Completed in 2020, University Hill offers 269 multifamily units and 65,500 square feet of retail space. University Hill’s apartment component features community amenities including a saltwater swimming pool; outdoor grilling area with two gas grills and two wood-fired pizza ovens; breakfast/coffee concierge; indoor herb garden; indoor bike storage; game room; car charging station; 24-hour fitness center and a pet play area with a dog spa. The project’s retail component includes a 30,000-square-foot O2 Fitness and several other retailers, including Happy + Hale, Triangle Coffee House and Midtown Yoga. Slated to open in 2022, other tenants include Gizmo Brewery and BB’s Crispy Chicken from James Beard-winning chef and restauranteur Ashley Christensen. Along with the multifamily and retail aspects, The University Hill redevelopment also …

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DevelopmentMixed-UseNorth CarolinaOfficeSoutheast

Highwoods Properties to Build $94.4M Mixed-Use Office Property in Raleigh

by Julia Sanders

RALEIGH, N.C. — Highwoods Properties Inc., a Raleigh-based REIT, has plans to build GlenLake III, a 218,000-square-foot mixed-use office development in Raleigh with retail and restaurant space. The company’s projected investment is $94.4 million, including the value of the land. Construction is scheduled to begin in the fourth quarter and is slated for completion by the third quarter of 2023. Plans for GlenLake III include 205,000 square feet of office space and 13,000 square feet of retail and restaurant space. The project will also have LEED and Fitwell certifications. According to Highwoods’ website, GlenLake III will be a seven-story building built with floor-to-ceiling glass windows, and offer amenities such as a café and lounge, fitness center, outdoor function space and a four-story parking structure. Highwoods has preleased 16 percent of the property’s office portion to McKim & Creed, a national engineering and surveying firm, for its corporate headquarters. GlenLake III is part of the GlenLake Park, an office development with up to seven planned office buildings. The office park is situated between Interstates 440 and 40. From 2001 to 2020, Highwoods has developed five office buildings within GlenLake Park encompassing 732,000 square feet. The company’s most recent project, GlenLake VII, …

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South 40 Distribution Center
AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Brokers Sale of 502,495 SF Last-Mile Distribution Center in Raleigh

by Julia Sanders

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of South 40 Distribution Center, a 502,495-square-foot, last-mile distribution facility in Raleigh. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, LM Real Estate Partners, in the transaction. Pennybacker Capital acquired the property for an undisclosed price. Located at 2201 and 2126 S. Wilmington St., South 40 Distribution Center is in an infill location situated one mile south of downtown Raleigh. The property is also situated adjacent to Interstate 40. Pennybacker Capital is a real estate private equity investment manager with offices in Austin, New York, Denver and Charlotte. LM Real Estate Partners is a New York-based commercial real estate firm that specializes in the acquisition and operation of industrial properties.

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